IPO Roundup: Wetouch Technology, Amphitrite Digital and More (Pending:SUBL)

The US IPO market is slowly reviving after a two-year hiatus that has been attributed to an aggressive tightening cycle by the Federal Reserve and geopolitical uncertainty. Drug developers have scored recent victories, as seen with the successful IPOs of Kyverna Therapeutics (NASDAQ:KYTX) and CG Oncology (NASDAQ:CGON), highlighting the growing demand for healthcare innovations and investment opportunities in the sector. The Renaissance IPO ETF (NYSERCA: IPO) is still down nearly 2% year to date, trailing the S&P 500, which recently surpassed the 5,000-point milestone and has gained at least 5.4% over the same period.

Here are some of the other major headlines in the IPO market:

Upcoming IPOs expected to list this week

• Amphitrite Digital (AMDI) is raising $7 million by issuing 1.8 million shares at an estimated price range of $3.50 to $4.50 per share. Description: A maritime tour operator in the US and the US Virgin Islands.
• Metros Development (MTRS) is raising $6.4 million by offering 1 million shares at a price of $6.4 per share. Description: A real estate consulting company based in Tokyo, Japan.
• Wetouch technology (OTCQB:WETH) is raising $24 million by offering 4 million shares at an estimated price between $5 and $7 per share. Description: China-based touch screen manufacturer.
• Scripps Safe (SCRP) is raising $6 million by issuing 1.2 million shares estimated to be priced at $5 per share. Description: A solutions platform for the pharmaceutical supply chain.
• Massimo Group (MAMO) is raising $5.9 million by issuing 1.3 million shares at an estimated price of $4 to $5 per share. Description: Manufacturer of motor sports vehicles and motor boats.
• NOTHING (NYX) is raising $8.4 million by issuing 2.1 million shares estimated to be priced at $4 per share. Description: A market for advertising contracts.
• Neo-Concept International Group Holdings (NCI) is raising $10.4 million by offering 2.3 million shares at a price range of $4 to $5 per share. Description: A Hong Kong-based clothing retailer and supply chain services provider.
• BioLingus Cayman Limited (SUBL) is raising $7.2 million by offering 0.4 million shares at a price of $20 per share. Description: A Swiss biotechnology company.

Note: Delays and last-minute changes can affect the debut of IPOs.

Notable new presentations

• Invizyne Technologies (IZTC) has filed with the SEC to raise up to $17 million in an initial public offering. The company plans to offer 4.3 million shares at $4. The company, founded in 2019, plans to list on Nasdaq under the symbol IZTC. Description: California-based biomanufacturing platform developer.
• Wellchange Holdings (WCT) has filed with the SEC to raise up to $9 million in an initial public offering. The company plans to offer 2 million shares at a price range of $4 to $5, with a market value of $95 million at the midpoint. Wellchange Holdings, founded in 2012, plans to list on Nasdaq under the symbol WCT. Description: Hong Kong-based software solutions provider for small and medium-sized businesses.
• Singapore-based JBDI Holdings (JBDI) has filed with the SEC to raise up to $10 million in an initial public offering by offering 2.3 million shares (22% secondary) at a price range of 4 to 5 Dollars. JBDI Holdings, founded in 1983, plans to list on the Nasdaq under the symbol JBDI. Description: Supplier of new and reconditioned steel and plastic drums.

Terms and changes

• TessPay (TPI) has announced its terms for an IPO. The company plans to raise $7 million by offering 1.3 million shares at a price range of $4 to $6. TessPay, which uses blockchain technology for financial transactions, has been implemented in the wholesale telecommunications industry and has expanded to financing providers and major projects in the commercial construction industry. The company, founded in 2017, plans to list on the American New York Stock Exchange under the symbol TPI.
• SolarJuice (SJA), a Sydney-based solar energy equipment and services provider spun out of SPI Energy, has reduced the size of the proposed deal for its upcoming initial public offering. The company now plans to raise $19 million (58% less in proceeds than previously anticipated) by offering 3.8 million shares at a price range of $4 to $6. The company previously filed an application to offer 9 million shares in the same range. It plans to list on the Nasdaq under the symbol SJA.

Lockout Period Expirations

• Parente golf bags (NASDAQ:SPGC) on 02/12/2024. Price movement in the last six months: -97%.
• SRM Entertainment (NASDAQ:SRM) on 02/12/2024. Price movement in the last six months: -68.3%.